The World is revolving and evolving. Ages are metamorphosing; from the era of barter system, to cowries, to paper money, to virtual money. What next could money transform to, maybe, spiritual money. For me all the purpose of money is enigma. Paper money as we all know might soon exit, adding to museum monuments.
Financial controls and boundaries are getting weak and weaker. Policies over monetary controls and regulations are overwhelming financials experts. The rules of maximum deposits, daily withdrawals, and daily limits are broken by crypto-currency. Everyone a bank of your own is what blockchain and the likes are preaching. Our financial structures and edifices will soon become a mere keeper of paper and postal stamps.
I have my blockchain, I own my bank. There is no limit to deposits and withdrawals. Billions and trillions of paper money could transform to virtual in a question of minutes. Regulatory bodies have no say over the activities.
Fraudsters have taken the advantage to smuggle high volume of money across boarders unnoticed. The magic is wired in the air, whereas nobody can restrict the air. Virtual money is not susceptible to decay, rust, tear, and could be held in a wallet for years. Owing to value fluctuations that serve as the only barrier. The FBI, the Nigeria EFCC, central bank’s treasury bills and certificates and all agencies in control of money have failed in their acrobatic and intellectual intelligence over cryptocurrencies. Where would this end the world? Financial crime has gained momentum. Tracking and linking bank account holders through Bank verification Number (BVN) could mean nothing to virtual barons that holds trillions of dollars in their blockchain wallet. Things have fallen apart, the center cannot hold anymore.
